Dear readers, with interest rates going north, saving returns are going up as well. This is evident from the latest upcoming issue of the March 2022 Singapore Savings Bond where average returns for first year are 0.59% per annum up to an average returns for the first ten years at 1.79% per annum given that these returns are much higher than the previous tranches
Beside the Singapore Savings Bonds, MayBank has also recently announced the returns of its savings time deposit as below, more details are here:
12-month deposit: 0.80% per annum return
24-month deposit: 0.95% per annum return
36-month deposit: 1.30% per annum return
For one year of fund deposit, MayBank time deposit of 0.80% per annum triumphs that of the Singapore Saving Bonds of 0.59% per annum.
For two years of fund deposit, MayBank time deposit of average 0.95% per annum is slightly lower than that of the Singapore Saving Bonds of 0.97% per annum.
For three years of fund deposit, MayBank time deposit of average 1.30% per annum is slightly higher than that of the Singapore Saving Bonds of 1.22% per annum.
With interest rates going up, there should be an increase in higher saving returns products from financial institutions going forward.
While higher savings rates are good, don’t be too fixated with the average of 1% to 2% per annum saving returns and lock most of your monies in savings accounts, only to have little cash to take opportunities of the stocks markets to earn very good returns when there are very attractive opportunities.
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